ALBANY – On the heels of swirling reports concerning the future of retailer Toys R Us, U.S. Senator Charles Schumer announced Wednesday that he is urging the Federal Trade Commission (FTC) to step in amidst very real and serious concerns for the company’s longevity, particularly as it relates to gift cards purchased by consumers.

Schumer is asking the FTC to take an immediate look into the company to ensure no laws are being violated as a rumored liquidation process ensues, and most importantly, to ensure consumers have time to get cash back for unused gift cards. Schumer also urged the FTC to publish consumer education around the difficulties surrounding gift card redemption once a retailer enters bankruptcy.

“With the entire Toys R Us operation at risk of shutting its doors for good, I am urging the company to redeem outstanding gift cards for cash so they are not as worthless and unwanted as a lump of coal in a stocking,” said U.S. Senator Charles Schumer.

"This past holiday season, buoyed by fresh debt financing, Toys R Us gave an ‘all clear’ to consumers, selling toys and gift cards as part of normal operations. However, it appears the music is about to stop for the iconic retailer and consumers could be left in the lurch when it comes to the loss of a whole lot of money in unspent gift cards. It would be a sad toy story if those same consumers got gamed by a Toys R Us closure and left holding useless gift cards that were intended to bring a smile to the face of a child.